The Appraisal Institute recently announced that Pennsylvania Governor Tom Wolf signed HB 863, which will allow the state’s real estate brokers, associate brokers, and salespeople to provide Broker Price Opinions (BPO) as of August 28, 2018. That said, the new law places significant restrictions on these individuals and limits the situations under which they may perform BPOs.

The Bureau of Consumer Financial Protection (BCFP) recently issued a statement that contains guidelines on the partial exemptions for small banks and credit unions under the Home Mortgage Disclosure Act (HDMA) rules of the amended Dodd-Frank Act.

This past June, Ohio Governor John Kasich signed Substitute House Bill 213 into law, which establishes the state’s AMC licensing and oversight program and makes minor changes to its existing appraiser licensing and certification law.

Appraisal reviews are an essential component of the valuation management process – ensuring both accuracy and compliance. Many software platforms, however, only allow their users to complete these reviews on the backend, leaving lenders in the dark as to what is being flagged on their appraisals.

Washington state has officially implemented HB 2057, which is designed to combat zombie properties and streamline interactions between city governments and lending institutions to help prevent urban blight.

The U.S. Senate recently confirmed Brian Montgomery as the Assistant Secretary of the U.S. Department of Housing & Urban Development (HUD) and Commissioner of the Federal Housing Administration (FHA) by a vote of 74-23.

After passing through the Senate back in March, the U.S. House of Representatives recently passed S. 2155—or the “Economic Growth, Regulatory Relief and Consumer Protection Act”—which was immediately signed into law by President Trump.

Switching valuation management platforms for your real estate appraisal operations may seem like a daunting task that will only fill your team with anxiety. However, the cost of not switching—or switching to an inadequate software program—could have lasting impacts on your organization and its processes.